+1 vote
asked Jun 21, 2018 in Conventional Loans by Kenneth M. Taylor

2 Answers

0 votes
No. The only way the value is valid on your home is by notifying your mortgage servicer and they will tell you the appropriate steps. A new appraisal will be ordered if you are counting on market valuation. Or an appraisal may not be required if you plan on paying down the mortgage loan balance to 78% from the original loan balance. Here is an article I posted about getting rid of private mortgage insurance that may help you: https://gustancho.com/how-to-cancel-pmi
answered Jun 22, 2018 by GustanCho (106,540 points)
0 votes
Hi Kenneth,

The short answer is no.

Your original loan terms should state how the mortgage insurance removed.  

Typically, it is when you pay the original loan balance down to 78% of the original purchase price.  Some loans allow for an appraiser to determine if the threshold is met. But before you start preparing for an appraisal, ask the lender whether this tactic will work to get rid of the mortgage insurance on your loan.

You can read more about cancelling mortgage insurance on the Gustan Cho Team website here: https://gustancho.com/how-to-cancel-pmi

~Quiana Williams
PH: (760)440-8844
Download the mobile app to get started today: Http://mtgpro.co/QTERA
answered Jun 23, 2018 by QuianaWilliams (11,350 points)

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